Hotel industry and travel news from around the European region: Marriott now owns AC Hotels 100%, Oaktree acquires 15-hotel portfolio in Italy, Fattal acquires Venetia Palace Hotel in Rome and more...
Marriott acquires remaining stake in AC Hotels
Founder of AC Hotels Antonio Catalan has sold his remaining 40% stake in AC Hotels to Marriott International for a reported 140 million. Marriott entered a joint venture with Antonio Catalan in 2011 to continue the management and franchising of their newly formed co-brand across Europe and Latin America AC Hotels by Marriott. While AC Hotels entered the partnership heavily indebted in 2011, the company has strongly benefitted from Marriotts visibility and recorded a net profit reaching 71 million in 2017. The figures are expected to have grown by a further 8% in 2018.
Oaktree acquires 15-hotel portfolio in Italy
Real estate asset management company Castello SGR has sold a portfolio of 15 Italian hotels to Oaktree Capital Management for 300 million (188,000 per room). The 1,600-room portfolio includes five luxury hotels, the 78-room Fonteverde Hotel, 64-room Grotta Giusti, and 70-room Bagni di Pisa, all located in Tuscany, the 240-room Chia Laguna Resort in Sardinia, and the 80-room Le Massif in Courmayeur.
Fattal acquires Venetia Palace Hotel in Rome
The 244-room Venetia Palace Hotel in Rome has been sold to Israeli hotel owner and operator Fattal Hotels. The property, located near Roma Termini, the citys main railway station, will undergo a refurbishment and reopen under Fattals Leonardo Boutique brand.
M&G Real Estate acquires Premier Inn Milton Keynes, UK
London-based investment manager M&G Real Estate has entered into a forward-funding deal to acquire the 180-room Premier Inn in Milton Keynes city centre for £23.7 million (£132,000 per room) from developer Dominvs Group. The hotel is located within walking distance from the central train station and is expected to be completed by autumn 2020.
CPI Hotels acquires the Park Inn by Radisson in Ostrava, Czech Republic
Czech hotel owner and operator CPI Hotels has acquired the 185-room Park Inn by Radisson Ostrava City in Czechia, 15 kilometres from the Polish border. The hotel will be rebranded under Choice Hotels Quality Hotel brand and operated with their long-time partner CPI Hotels.
BEMA Group forward-sells B&B Hotel in Neuss, Germany
Düsseldorf-based real estate developer BEMA Group has entered into a forward-sale agreement to sell the future B&B Hotel in Neuss, near Düsseldorf, Germany. The 100-room hotel is nearing completion and is part of a mixed-use development project on the former industrial site of the Pierburg company, some eight kilometres west of the city centre.
Princes Street Suites, Edinburgh sold to The Edinburgh Collection
The Edinburgh Collection has acquired the 37-room aparthotel Princes Street Suites in Edinburgh from RBH Properties. The propertys rooms have been recently refurbished will benefit from an upgrade of in-room technology amenities. The new owner will retain the existing staff and bring in-house the outsourced housekeeping staff.
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